China Shipping Container Lines (CSCL) reported a hird quarter loss as charter revenue continues to slump.

The Hong Kong-listed company reported a third-quarter loss of CNY 104.4m ($1.5m) compared to a year earlier loss of CNY 527.7m. Total revenue from operations for the quarter was CNY 608m compared to revenue of CNY 3.4bn a year earlier.

For the first nine months of 2016, CSCL reported a loss of CNY 494m compared to a loss of CNY 688m in the year-earlier period. Revenue from operations also slid to CNY 3.1bn from CNY 10.3bn in the year earlier period.  

CSCL said the declines stemmed from a decrease in income for container transportation.

The company transferred its fleet to sister company China Cosco Holdings Co earlier this year as part of the merger of China Shipping and Cosco that formed CoscoCS.

CSCL is now a financial services company with a focus on vessel leasing, container leasing and shipping finance.